RBI postpones rate-setting committee's meeting scheduled for this week

The Reserve Bank of India on Monday said that meeting of the Monetary Policy Committee during 29, 30 September and 1 October, 2020 as announced is being rescheduled.

The dates of the MPC’s meeting will be announced shortly.

The announcement comes on a day when Centre informed the Supreme Court on Monday that a decision is likely in 2-3 days over charging of interest by banks on instalments, which were deferred during the moratorium period in view of the Covid-19 pandemic.

The top court asked the Centre to bring the decision on record and circulate the affidavit to the parties in a batch of pleas challenging interest on deferred



instalments.

The Centre informed the top court that the matter has received very serious consideration and the decision making process is at advanced stage.

A bench headed by Justice Ashok Bhushan said that it would hear the batch of pleas filed by various industries, trade associations and individuals on October 5.

The Reserve Bank is required to organise at least four meetings of the Monetary Policy Committee in a year.

The next meeting is scheduled for 2-4 December, 2020, with the next one scheduled for 3-5 April, 2021.

The Reserve Bank of India was expected to keep key rates unchanged this week.